DEI Document
DEI Document - shares | 6 Months Ended | |
Jul. 31, 2018 | Sep. 07, 2018 | |
Document Information [Abstract] | ||
Document Type | 10-Q | |
Document Fiscal Year Focus | 2,019 | |
Amendment Flag | false | |
Document Period End Date | Jul. 31, 2018 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | SMARTSHEET INC | |
Entity Central Index Key | 1,366,561 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 102,755,944 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | |
Revenue | ||||
Revenues | $ 42,384,000 | $ 26,667,000 | $ 78,703,000 | $ 48,903,000 |
Cost of revenue | ||||
Total cost of revenue | 8,155,000 | 5,377,000 | 15,478,000 | 9,874,000 |
Gross profit | 34,229,000 | 21,290,000 | 63,225,000 | 39,029,000 |
Operating expenses | ||||
Research and development | 14,412,000 | 12,588,000 | 27,257,000 | 19,096,000 |
Sales and marketing | 24,255,000 | 17,367,000 | 46,639,000 | 32,116,000 |
General and administrative | 8,524,000 | 14,046,000 | 15,322,000 | 17,725,000 |
Total operating expenses | 47,191,000 | 44,001,000 | 89,218,000 | 68,937,000 |
Loss from operations | (12,962,000) | (22,711,000) | (25,993,000) | (29,908,000) |
Interest income (expense) and other, net | 749,000 | (139,000) | (550,000) | (126,000) |
Net loss before provision for income taxes | (12,213,000) | (22,850,000) | (26,543,000) | (30,034,000) |
Provision for income taxes | 88,000 | 0 | 88,000 | 0 |
Net loss | (12,301,000) | (22,850,000) | (26,631,000) | (30,034,000) |
Deemed dividend | 0 | (4,558,000) | 0 | (4,558,000) |
Net loss attributable to common shareholders | $ (12,301,000) | $ (27,408,000) | $ (26,631,000) | $ (34,592,000) |
Net loss per share attributable to common shareholders, basic and diluted (in usd per share) | $ (0.12) | $ (1.52) | $ (0.43) | $ (2) |
Weighted-average shares outstanding used to compute net loss per share attributable to common shareholders, basic and diluted (in shares) | 102,569 | 18,013 | 62,464 | 17,258 |
Subscription | ||||
Revenue | ||||
Revenues | $ 37,470,000 | $ 23,796,000 | $ 69,528,000 | $ 44,171,000 |
Cost of revenue | ||||
Total cost of revenue | 4,588,000 | 3,433,000 | 8,824,000 | 6,422,000 |
Professional services | ||||
Revenue | ||||
Revenues | 4,914,000 | 2,871,000 | 9,175,000 | 4,732,000 |
Cost of revenue | ||||
Total cost of revenue | $ 3,567,000 | $ 1,944,000 | $ 6,654,000 | $ 3,452,000 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (12,301) | $ (22,850) | $ (26,631) | $ (30,034) |
Other comprehensive loss: | ||||
Net unrealized loss on available-for-sale securities | 0 | 0 | 0 | (1) |
Comprehensive loss | $ (12,301) | $ (22,850) | $ (26,631) | $ (30,035) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2018 | Jan. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 211,111 | $ 58,158 |
Accounts receivable, net of allowances of $687 and $457 at July 31, 2018 and January 31, 2018, respectively | 23,597 | 14,870 |
Prepaid expenses and other current assets | 5,879 | 4,628 |
Total current assets | 240,587 | 77,656 |
Long-term assets | ||
Restricted cash | 2,297 | 2,901 |
Deferred commissions | 20,722 | 15,291 |
Property and equipment, net | 19,750 | 17,237 |
Intangible assets, net | 1,292 | 1,547 |
Goodwill | 532 | 445 |
Other long-term assets | 21 | 1,527 |
Total assets | 285,201 | 116,604 |
Current liabilities | ||
Accounts payable | 2,721 | 2,641 |
Accrued compensation and related benefits | 16,442 | 13,253 |
Other accrued liabilities | 5,125 | 3,061 |
Capital leases payable | 3,711 | 2,833 |
Deferred revenue | 76,024 | 57,102 |
Total current liabilities | 104,023 | 78,890 |
Capital leases payable, non-current | 3,890 | 3,713 |
Deferred revenue, non-current | 133 | 179 |
Convertible preferred stock warrant liability | 0 | 1,272 |
Other long-term liabilities | 728 | 604 |
Total liabilities | 108,774 | 84,658 |
Commitments and contingencies (Note 13) | ||
Convertible preferred stock | 0 | 112,687 |
Shareholders’ equity (deficit): | ||
Preferred stock | 0 | 0 |
Common stock | 0 | 0 |
Additional paid-in capital | 309,690 | 25,892 |
Accumulated deficit | (133,263) | (106,633) |
Total shareholders’ equity (deficit) | 176,427 | (80,741) |
Total liabilities, convertible preferred stock and shareholders’ equity | 285,201 | 116,604 |
Common Class A | ||
Shareholders’ equity (deficit): | ||
Common stock | 0 | 0 |
Common Class B | ||
Shareholders’ equity (deficit): | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2018 | Jan. 31, 2018 |
Accounts receivable, allowances | $ 687 | $ 457 |
Convertible preferred stock authorized (in shares) | 0 | 67,756,647 |
Convertible preferred stock issued (in shares) | 0 | 67,619,377 |
Convertible preferred stock outstanding (in shares) | 0 | 67,619,377 |
Convertible preferred stock liquidation preference (in shares) | $ 113,217 | |
Preferred stock authorized (in shares) | 10,000,000,000 | 0 |
Preferred stock issued (in shares) | 0 | 0 |
Preferred stock outstanding (in shares) | 0 | 0 |
Common stock authorized (in shares) | 0 | 107,679,381 |
Common stock issued (in shares) | 0 | 20,280,741 |
Common stock outstanding (in shares) | 0 | 20,280,741 |
Convertible Preferred Stock | ||
Convertible preferred stock authorized (in shares) | 67,756,647 | |
Convertible preferred stock issued (in shares) | 67,619,377 | |
Convertible preferred stock outstanding (in shares) | 0 | 67,619,377 |
Convertible preferred stock liquidation preference (in shares) | $ 113,217 | |
Common Class A | ||
Common stock authorized (in shares) | 500,000,000 | 0 |
Common stock issued (in shares) | 13,379,008 | 0 |
Common stock outstanding (in shares) | 13,379,008 | 0 |
Common Class B | ||
Common stock authorized (in shares) | 500,000,000,000 | 0 |
Common stock issued (in shares) | 89,273,987,000 | 0 |
Common stock outstanding (in shares) | 89,273,987,000 | 0 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
Cash flows from operating activities | ||
Net loss | $ (26,631) | $ (30,034) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation expense | 5,940 | 16,536 |
Remeasurement of convertible preferred stock warrant liability | 1,326 | 211 |
Depreciation of property and equipment | 3,173 | 1,623 |
Amortization of deferred commission costs | 4,452 | 1,925 |
Unrealized foreign currency (gain) loss | 66 | 0 |
Gain/loss on disposal of assets | 0 | 2 |
Amortization of intangible assets | 255 | 6 |
Amortization of premiums, accretion of discounts, and gain on investments | 0 | 26 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (8,747) | (7,042) |
Prepaid expenses and other current assets | (1,767) | (918) |
Other long-term assets | 50 | (16) |
Accounts payable | 597 | 614 |
Other accrued liabilities | 1,825 | 1,725 |
Accrued compensation and related benefits | 1,070 | 1,498 |
Deferred commissions | (9,882) | (6,073) |
Other long-term liabilities | 124 | 268 |
Deferred revenue | 18,876 | 15,050 |
Net cash used in operating activities | (9,273) | (4,599) |
Cash flows from investing activities | ||
Purchases of property and equipment | (2,214) | (3,099) |
Capitalized internal-use software development costs | (849) | (1,477) |
Proceeds from sales of investments | 0 | 900 |
Proceeds from maturity of investments | 0 | 9,222 |
Proceeds from sale of computer equipment | 0 | 1 |
Net cash provided by (used in) investing activities | (3,063) | 5,547 |
Cash flows from financing activities | ||
Proceeds from initial public offering, net of underwriters' discounts and commissions | 163,844 | 0 |
Payments on principal of capital lease | (1,584) | (976) |
Payments of deferred offering costs | (2,263) | 0 |
Proceeds from issuance of convertible preferred stock | 0 | 51,927 |
Proceeds from exercise of stock options | 2,614 | 1,575 |
Proceeds from Employee Stock Purchase Plan | 2,118 | 0 |
Net cash provided by financing activities | 164,729 | 52,526 |
Effect of foreign exchange on cash, cash equivalents, and restricted cash | (44) | 0 |
Net increase in cash, cash equivalents, and restricted cash | 152,349 | 53,474 |
Cash, cash equivalents, and restricted cash | ||
Beginning of period | 61,059 | 24,013 |
End of period | 213,408 | 77,488 |
Supplemental disclosures | ||
Cash paid for interest | 161 | 150 |
Purchases of fixed assets under capital lease | 2,639 | 789 |
Accrued purchases of property and equipment | 362 | 257 |
Deemed dividends on convertible preferred stock | 0 | (4,558) |
Deferred offering costs, accrued but not yet paid | $ 340 | $ 0 |
Overview and Basis of Presentat
Overview and Basis of Presentation | 6 Months Ended |
Jul. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview and Basis of Presentation | Overview and Basis of Presentation Description of business Smartsheet Inc. (the “Company,” “we,” “our”) was incorporated in the State of Washington in 2005, and is headquartered in Bellevue, Washington. The Company is a leading cloud-based platform for work execution, enabling teams and organizations to plan, capture, manage, automate, and report on work at scale. Customers access their accounts online via a web-based interface or a mobile application. Some customers also purchase the Company ’ s professional services, which primarily consist of consulting and training services. Initial public offering On May 1, 2018, we completed our initial public offering (“IPO”) in which we issued and sold 11,745,088 shares of Class A common stock, inclusive of the over-allotment, at a public offering price of $15.00 per share. We received net proceeds of $160.4 million after deducting underwriting discounts and commissions of $12.3 million and other issuance costs of $3.4 million . Immediately prior to the closing of our IPO, all shares of our convertible preferred stock automatically converted into an aggregate of 68.5 million shares of Class B common stock. In addition, we authorized for future issuance a total of 500 million shares of each Class A and Class B common stock, and 10 million shares of preferred stock. Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in th e United States of America (“GAAP”) , and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet as of January 31, 2018 was derived from the audited consolidated financial statements as of that date but does not include all of the information and notes required by GAAP for complete financial statements. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended January 31, 2018, included in our final prospectus related to our IPO dated April 27, 2018 (“Prospectus”), filed with the SEC pursuant to Rule 424 (b) under the Securities Act of 1933, as amended, (“the Securities Act”). The condensed consolidated financial statements include the results of Smartsheet Inc. and its wholly owned subsidiaries, which are located in the United States and the United Kingdom. All intercompany balances and transactions have been eliminated upon consolidation. In the opinion of management, the information contained herein reflects all adjustments necessary for a fair presentation of our results of operations, financial position, and cash flows. All such adjustments are of a normal, recurring nature. The results of operations for the three and six months ended July 31, 2018 are not necessarily indicative of results to be expected for the full year ending January 31, 2019 or for any other interim period, or for any future year. Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. The Company bases its estimates on historical experience and on other assumptions that its management believes are reasonable under the circumstances. Actual results could differ from those estimates. The Company’s most significant estimates and judgments involve revenue recognition with respect to the allocation of transaction consideration for the Company’s offerings; determination of the amortization period for capitalized sales commission costs; valuation of the Company’s share-based compensation, including the underlying deemed fair value of common stock (prior to the closing of the IPO); useful lives of property and equipment, including useful lives of internal-use software development costs; calculation of allowance for doubtful accounts; inputs in revaluation of convertible preferred stock warrant (prior to the closing of the IPO); and valuation of deferred income tax assets and uncertain tax positions, among others . Dual class common stock structure In April 2018, we implemented a dual class common stock structure, authorizing for issuance 112,979,381 shares of each Class A and Class B common stock. Upon establishment of the dual class common stock structure, (1) each then existing share of common stock converted into a share of Class B common stock, (2) a warrant to purchase shares of preferred stock convertible into common stock became a warrant to purchase shares of preferred stock convertible into shares of Class B common stock, (3) all shares of convertible preferred stock then outstanding became convertible into Class B common stock subject to the same rules and conditions as the previously existing convertible preferred stock, (4) all outstanding options to purchase common stock became options to purchase an equivalent number of shares of Class B common stock, and (5) all restricted stock units (“RSUs”) became RSUs for an equivalent number of shares of Class B common stock. The Class A common stock is entitled to one vote per share and the Class B common stock is entitled to ten votes per share. The Class A common stock and Class B common stock have the same dividend and liquidation rights. The Class B common stock converts to Class A common stock at any time at the option of the holder, or automatically upon the date that is the earliest of (i) the date which is seven years from the effective date of the IPO (April 26, 2025), (ii) the date on which the outstanding shares of Class B common stock represent less than 15% of the aggregate number of shares of common stock then outstanding, (iii) the date specified by a vote of the holders of not less than a majority of the outstanding shares of Class B common stock, voting separately as a single class. In addition, each share of Class B common stock will convert automatically into one share of Class A common stock upon any transfer, except for certain permitted transfers described in our restated certificate of incorporation filed with the state of Washington on April 9, 2018. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Segment information The Company operates as one operating segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information for purposes of making operating decisions, assessing financial performance, and allocating resources. Restricted cash Restricted cash as of July 31, 2018 consisted of $1.8 million related to collateral for an irrevocable letter of credit (entered into during the six months ended July 31, 2018) for additional office space in Bellevue, and $0.5 million primarily related to security deposits for the Company’s Bellevue and Boston leases. Restricted cash as of January 31, 2018 consisted of $2.4 million related to collateral for irrevocable letters of credit and $0.5 million related to security deposits. The letters of credit that were outstanding as of January 31, 2018 were still in effect as of July 31, 2018; however, the requirement to maintain $2.4 million in cash collateral for those letters of credit was removed during the six months ended July 31, 2018, and the restricted cash balance was reduced by this amount. Cash as reported on the condensed consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and restricted cash as shown on the condensed consolidated balance sheets. Cash as reported on the condensed consolidated statements of cash flows consists of the following (in thousands): As of July 31, 2018 2017 Cash and cash equivalents $ 211,111 $ 75,509 Restricted cash 2,297 1,979 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 213,408 $ 77,488 Deferred offering costs Deferred offering costs of $3.4 million , primarily consisting of legal, accounting, and other fees related to the IPO, were offset against proceeds upon the closing of the IPO on May 1, 2018. Convertible preferred stock warrant liability The Company classified its warrant to purchase convertible preferred stock as a liability. The Company adjusted the carrying valu e of the warrant liability to fair value at the end of each reporting period utilizing the Black-Scholes option pricing model . The convertible preferred stock warrant liability was included on the Company’s condensed consolidated balance sheets and its revaluation was recorded as an expense in interest income (expense) and other, net. Upon the closing of the IPO on May 1, 2018, the related warrant liability was reclassified to additional paid-in capital. Concentrations of risk and significant customers Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents, investments, and accounts receivable. The Company maintains its cash accounts with financial institutions where deposits, at times, exceed the Federal Deposit Insurance Corporation (“FDIC”) limits. At July 31, 2018, accounts receivable from our largest customer represented 11% of total accounts receivable, net of allowance for doubtful accounts. No individual customers represented more than 10% of accounts receivable as of January 31, 2018. No individual customers represented more than 10% of revenue for the three or six months ended July 31, 2018 and 2017. Recently adopted accounting pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016‑09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, (“ASU 2016‑09”) , which simplifies the accounting and reporting of share-based payment transactions, including adjustments to how excess tax benefits and payments for tax withholdings should be classified and provides the election to eliminate the estimate for forfeitures. The Company adopted this ASU effective February 1, 2018. The adoption resulted in the recognition of a U.S. deferred tax asset, which was fully offset by a corresponding increase to the valuation allowance on our U.S. federal and state deferred income tax assets, and therefore did not have a material impact on our condensed consolidated financial statements. The Company did not elect to eliminate the estimate for forfeitures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which aims to reduce the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 requires adoption on a retrospective basis unless it is impracticable to apply, in which case the Company would be required to apply the amendments prospectively as of the earliest date practicable. The Company adopted this ASU effective February 1, 2018. The adoption of this ASU did not have a material effect on the Company’s condensed consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). This guidance is intended to clarify how entities present restricted cash in the statement of cash flows. The guidance requires entities to show the changes in the total of cash, cash equivalents, and restricted cash in the statement of cash flows. When cash, cash equivalents, and restricted cash are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. The reconciliation can be presented either on the face of the statement of cash flows or in the notes to the consolidated financial statements. ASU 2016-18 is effective for fiscal years beginning after December 15, 2018, but early adoption is permitted. The Company early adopted this ASU effective February 1, 2018, retrospectively applying the new guidance to the comparative period presented in our condensed consolidated statements of cash flows. As a result of the adoption of this ASU, because movements to and from cash and restricted cash are no longer shown separately on the condensed consolidated statements of cash flows, the Company’s cash provided from investing activities increased by $0.1 million for the six months ended July 31, 2017. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”) , which simplifies the measurement of goodwill impairment. Under this new guidance, an impairment charge, if triggered, is calculated as the difference between a reporting unit’s carrying value and fair value, but it is limited to the carrying value of goodwill. The guidance is effective prospectively for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and early adoption is permitted. The Company early adopted this guidance effective February 1, 2018 and will apply the new guidance when it evaluates goodwill for impairment during the three months ending October 31, 2018. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”) , which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. The guidance is effective prospectively for interim and annual periods beginning after December 15, 2017 and early adoption is permitted. The Company adopted this guidance effective February 1, 2018. The adoption of this ASU did not have a material effect on the Company’s condensed consolidated financial statements. Recent accounting pronouncements not yet adopted In February 2016, the FASB issued ASU 2016-02, Leases: Topic (842) (“ASU 2016-02”) and has modified the standard thereafter. This standard requires the recognition of a right-of-use asset and lease liability on the balance sheet for all leases. This standard also requires more detailed disclosures to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for interim and annual reporting periods beginning after December 15, 2018 and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, and early adoption is permitted. The Company expects to adopt this guidance on February 1, 2019. The Company anticipates this standard will have a material impact on the Company’s financial position, primarily due to the office space operating leases, as the Company will be required to recognize right-of-use assets and lease liabilities on the balance sheet. The Company continues to assess the potential impacts of this standard, including the impact the adoption of this guidance will have on its results of operations or its cash flows, if any. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other-Internal-Use Software (“ASU 2018-15”) , which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance is effective for interim and annual reporting periods beginning after December 15, 2019, and early adoption is permitted. The Company is currently evaluating the impacts that adoption of this ASU will have on its consolidated financial statements. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jul. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers During the three months ended July 31, 2018 and 2017, the Company recognized $27.8 million and $17.0 million of subscription revenue, respectively, and $1.3 million and $0.8 million of professional services revenue, respectively, which were included in the deferred revenue balance as of April 30, 2018 and 2017, respectively. During the six months ended July 31, 2018 and 2017, the Company recognized $41.2 million and $23.8 million of subscription revenue, respectively, and $1.0 million and $0.5 million of professional services revenue, respectively, which were included in the deferred revenue balance as of January 31, 2018 and 2017, respectively. As of July 31, 2018, the Company’s total deferred revenue balance was $76.2 million , of which $74.5 million represented deferred balances for subscription revenue and $1.7 million represented deferred balances for professional services revenue. Of total deferred revenue, $76.0 million is expected to be recognized as revenue over the next 12 months. Deferred Commissions Deferred commissions were $20.7 million as of July 31, 2018 and $15.3 million as of January 31, 2018. Amortization expense for deferred commissions was $2.5 million and $1.1 million for the three months ended July 31, 2018 and 2017, respectively, and $4.5 million and $1.9 million for the six months ended July 31, 2018 and 2017, respectively. Deferred commissions are amortized over a period of three years and the amortization expense is recorded in sales and marketing on the Company’s condensed consolidated statements of operations. |
Deferred Commissions
Deferred Commissions | 6 Months Ended |
Jul. 31, 2018 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Commissions | Revenue from Contracts with Customers During the three months ended July 31, 2018 and 2017, the Company recognized $27.8 million and $17.0 million of subscription revenue, respectively, and $1.3 million and $0.8 million of professional services revenue, respectively, which were included in the deferred revenue balance as of April 30, 2018 and 2017, respectively. During the six months ended July 31, 2018 and 2017, the Company recognized $41.2 million and $23.8 million of subscription revenue, respectively, and $1.0 million and $0.5 million of professional services revenue, respectively, which were included in the deferred revenue balance as of January 31, 2018 and 2017, respectively. As of July 31, 2018, the Company’s total deferred revenue balance was $76.2 million , of which $74.5 million represented deferred balances for subscription revenue and $1.7 million represented deferred balances for professional services revenue. Of total deferred revenue, $76.0 million is expected to be recognized as revenue over the next 12 months. Deferred Commissions Deferred commissions were $20.7 million as of July 31, 2018 and $15.3 million as of January 31, 2018. Amortization expense for deferred commissions was $2.5 million and $1.1 million for the three months ended July 31, 2018 and 2017, respectively, and $4.5 million and $1.9 million for the six months ended July 31, 2018 and 2017, respectively. Deferred commissions are amortized over a period of three years and the amortization expense is recorded in sales and marketing on the Company’s condensed consolidated statements of operations. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jul. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The following table presents the calculations for basic and diluted net loss per share (in thousands, except per share data): Three Months Ended July 31, 2018 2017 Numerator: Net loss attributable to common shareholders $ (12,301 ) $ (27,408 ) Denominator: Weighted-average common shares outstanding 102,569 18,013 Net loss per share, basic and diluted $ (0.12 ) $ (1.52 ) Six Months Ended July 31, 2018 2017 Numerator: Net loss attributable to common shareholders $ (26,631 ) $ (34,592 ) Denominator: Weighted-average common shares outstanding 62,464 17,258 Net loss per share, basic and diluted $ (0.43 ) $ (2.00 ) The following outstanding shares of common stock equivalents (in thousands) as of the periods presented were excluded from the computation of diluted net loss per share attributable to common shareholders for the periods presented because the impact of including them would have been anti-dilutive: July 31, 2018 2017 Convertible preferred shares (as converted) — 68,420 Convertible preferred stock warrant — 137 Shares subject to outstanding common stock awards 15,466 11,934 Shares issuable pursuant to the Employee Stock Purchase Plan 166 — Total potentially dilutive shares 15,632 80,491 |
Investments
Investments | 6 Months Ended |
Jul. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments As of July 31, 2018 and January 31, 2018, the Company did no t hold any available-for-sale investments. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets and liabilities recorded at fair value in the condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The lowest level of significant input determines the placement of the fair value measurement within the following hierarchical levels: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Observable inputs, other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3: Unobservable inputs that are supported by little or no market activity. The following tables present information about the Company’s financial assets and liabilities that are measured at fair value and indicates the fair value hierarchy of the valuation inputs used (in thousands) as of: July 31, 2018 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 204,809 $ — $ — $ 204,809 Restricted cash: Certificates of deposit — 1,758 — 1,758 Total assets $ 204,809 $ 1,758 $ — $ 206,567 January 31, 2018 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 55,702 $ — $ — $ 55,702 Liabilities: Convertible preferred stock warrant liability $ — $ — $ 1,272 $ 1,272 The carrying amounts of certain financial instruments, including cash held in banks, accounts receivable, and accounts payable, approximate fair value due to their short-term maturities and are excluded from the fair value table above. It is the Company’s policy to recognize transfers of assets and liabilities between levels of the fair value hierarchy at the end of a reporting period. The Company does not transfer out of Level 3 and into Level 2 until observable inputs become available and reliable. At April 30, 2018, we transferred $2.6 million related to the Company’s Series C convertible preferred stock warrant out of our Level 3 liabilities and into our Level 2 liabilities. The Series C convertible preferred stock warrant liability was estimated using assumptions related to the remaining contractual term of the warrant, the risk-free interest rate, the volatility of comparable public companies over the remaining term, and the fair value of underlying shares. The significant unobservable input used in the fair value measurement of the Series C convertible preferred stock warrant liability as of January 31, 2018 was the fair value of the underlying stock at the valuation date. On April 27, 2018, the right to convert the preferred stock warrant was contingently exercised by the holder and settlement occurred with the closing of the IPO on May 1, 2018. As of April 30, 2018, the underlying stock price and term were observable and the instrument was therefore transferred to a Level 2 classification category prior to being extinguished on May 1, 2018. There were no other transfers in or out of our Level 1, 2, or 3 assets or liabilities during the six months ended July 31, 2018. Changes in fair value of our level 3 financial liabilities were as follows (in thousands): Balance as of January 31, 2018 $ 1,272 Increase in fair value of convertible preferred stock warrant 1,326 Transfer out of Level 3 (2,598 ) Balance as of July 31, 2018 $ — |
Goodwill and Net Intangible Ass
Goodwill and Net Intangible Assets | 6 Months Ended |
Jul. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Net Intangible Assets | Goodwill and Net Intangible Assets On December 28, 2017, Smartsheet Inc. purchased 100% of the issued and outstanding capital stock of Converse.AI, Inc. (“Converse.AI”) in an all cash transaction. As a result of this acquisition, the Company recorded goodwill of $0.5 million (inclusive of a measurement period adjustment of $0.1 million ) and identifiable intangible assets of $1.4 million. The following table presents the components of net intangible assets (in thousands) as of: July 31, January 31, 2018 2018 Acquired software technology $ 1,366 $ 1,366 Acquired customer relationships 70 70 Patents 170 170 Domain name 13 13 Total intangible assets 1,619 1,619 Less: accumulated amortization (327 ) (72 ) Total intangible assets, net $ 1,292 $ 1,547 Amortization expense was $128 thousand and $3 thousand for the three months ended July 31, 2018 and 2017, respectively, and $255 thousand and $6 thousand for the six months ended July 31, 2018 and 2017, respectively. |
Convertible Preferred Stock
Convertible Preferred Stock | 6 Months Ended |
Jul. 31, 2018 | |
Equity [Abstract] | |
Convertible Preferred Stock | Convertible Preferred Stock As of January 31, 2018, convertible preferred stock was as follows: Series Shares Authorized Shares Issued and Outstanding Aggregate Liquidation Preference (in thousands) Carrying Value (in thousands) Liquidation Preference Prices per Share Conversion Price per Share Annual Dividend per Share (if declared) Liquidation Participation Cap per Share A 6,075,000 6,075,000 $ 486 $ 480 $ 0.08 $ 0.08 $ 0.0064 $ 0.16 A-1 500,000 500,000 80 80 0.16 0.16 0.0128 0.32 A-2 2,750,000 2,750,000 550 550 0.20 0.195434 0.016 0.40 A-3 2,000,000 2,000,000 500 500 0.25 0.23685 0.02 0.50 A-4 9,859,270 9,859,270 2,751 2,751 0.279 0.260872 0.0224 0.558 Total Series A 21,184,270 21,184,270 $ 4,367 $ 4,361 B 7,208,430 7,208,430 1,250 1,218 0.173408 0.173408 0.0138 0.346816 C 5,284,990 5,147,720 $ 1,500 $ 1,476 0.29139 0.29139 0.0234 0.58278 C-1 1,531,580 1,531,580 1,000 977 0.65292 0.65292 0.0522 1.30584 Total Series C 6,816,570 6,679,300 $ 2,500 $ 2,453 D 14,780,400 14,780,400 $ 17,500 $ 17,342 1.184 1.184 0.0948 N/A E 11,432,303 11,432,303 $ 35,000 $ 34,886 3.0615 3.0615 0.2449 N/A F 6,334,674 6,334,674 $ 52,600 $ 52,427 $ 8.3035 $ 8.3035 $ 0.66428 N/A Total all series 67,756,647 67,619,377 $ 113,217 $ 112,687 Immediately prior to the closing of the IPO on May 1, 2018, all shares of our outstanding convertible preferred stock automatically converted into an aggregate of 68.5 million shares of Class B common stock. There was no convertible preferred stock outstanding at July 31, 2018. |
Convertible Preferred Stock War
Convertible Preferred Stock Warrant | 6 Months Ended |
Jul. 31, 2018 | |
Equity [Abstract] | |
Convertible Preferred Stock Warrant | Convertible Preferred Stock Warrant In 2011, the Company issued a warrant to purchase 137,270 shares of Series C convertible preferred stock in c onnection with a loan and security agreeme nt with Silicon Valley Bank (“SVB”). The warrant had a 10 -year term and an exercise price of $0.29139 per share. The fair value was determined using the Black-Scholes model and was $1.3 million as of January 31, 2018. This warrant was subject to remeasurement at each reporting period resulting in fair value of $2.6 million as of April 30, 2018 and the corresponding charge to Interest income (expense) and other, net of $1.3 million for the three months ended April 30, 2018. On April 27, 2018, SVB contingently exercised its right to convert the preferred stock warrant in a “net exercise,” under which the number of issuable shares was reduced by the number of shares with an aggregate fair market value equal to the exercise price of the warrant, resulting in 2,667 shares surrendered and 134,603 shares offered in the IPO. The exercise and settlement of the underlying shares were conditional and were not executed until the closing of the IPO on May 1, 2018. There were no convertible preferred stock warrants outstanding at July 31, 2018. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jul. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation The Company has issued incentive and non-qualifying stock options to employees and non-employee directors under the 2005 Stock Option/Restricted Stock Plan (the “2005 Plan”), the 2015 Equity Incentive Plan (the “2015 Plan”), and the 2018 Equity Incentive Plan (the “2018 Plan”). The Company has also issued RSUs to employees pursuant to the 2015 Plan and the 2018 Plan. As of July 31, 2018 and January 31, 2018, an aggregate of 0 and 296,178 , respectively, shares of common stock were available for issuance under the 2015 Plan. As of July 31, 2018 and January 31, 2018, an aggregate of 7,611,804 and 0 , respectively, shares of common stock were available for issuance under the 2018 Plan. Stock options are granted with exercise prices at the fair value of the underlying common stock on the grant date, and in general vest based on continuous employment over four years, and expire 10 years from the date of grant. RSUs are measured based on the grant date fair value of the awards, and in general vest based on continuous employment over four years and expire 10 years from the date of grant. Share-based compensation expense Share-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2018 2017 2018 2017 Cost of subscription revenue $ 84 $ 62 $ 118 $ 71 Cost of professional services revenue 150 20 197 32 Research and development 1,378 5,259 2,043 5,407 Sales and marketing 1,370 772 1,884 970 General and administrative 1,116 9,878 1,698 10,056 Total share-based compensation $ 4,098 $ 15,991 $ 5,940 $ 16,536 In the three months ended July 31, 2017, subsequent to the sale of the Company’s Series F convertible preferred stock, the Company facilitated a tender offer (the “2017 Tender Offer”) in which certain of the Company’s current and former employees and directors sold shares of common and convertible preferred stock to other existing shareholders. The sale of shares by the employees, directors, and other shareholders was facilitated by the Company. A total of 6,477,843 shares of common and convertible preferred stock were tendered for a total purchase price of $55.0 million . The premium over the fair value of the shares of common and convertible preferred stock that was paid by existing investors to current employees and directors, totaling $15.5 million , was recorded as share-based compensation expense for the three months ended July 31, 2017. The excess over the fair value of the sale price of the shares of common and convertible preferred stock sold by non-employees, totaling $4.6 million , was recorded as a deemed dividend within additional paid-in capital in the three months ended July 31, 2017. Share-based compensation expense related to the 2017 Tender Offer, which is included in the table above, was as follows (in thousands): Three Months Ended July 31, 2017 Cost of subscription revenue $ 53 Cost of professional services revenue 9 Research and development 5,124 Sales and marketing 583 General and administrative 9,701 Total share-based compensation expense $ 15,470 Stock options The following table includes a summary of the option activity during the six months ended July 31, 2018: Options Outstanding Weighted-Average Exercise Price Outstanding at January 31, 2018 13,355,439 $ 2.91 Granted 4,208,170 10.68 Exercised and awarded (2,012,831 ) 1.07 Forfeited or canceled (354,956 ) 6.20 Outstanding at July 31, 2018 15,195,822 5.23 Exercisable at July 31, 2018 5,355,806 2.30 Restricted stock units The following table includes a summary of the RSU activity during the six months ended July 31, 2018: Number of Shares Underlying Outstanding RSUs Weighted-Average Grant-Date Fair Value per RSU Outstanding at January 31, 2018 130,000 $ 9.45 Granted 139,933 20.66 Vested — — Forfeited or canceled — — Outstanding at July 31, 2018 269,933 15.26 2018 Employee Stock Purchase Plan In April 2018, we adopted our 2018 Employee Stock Purchase Plan (“ESPP”). The ESPP became effective on April 26, 2018, with the effective date of our IPO. Our ESPP is intended to qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986, as amended. Purchases are accomplished through participation in discrete offering periods. The first offering and purchase period began on April 27, 2018 and will end on September 24, 2018 (or such other date determined by our board of directors or our compensation committee). Under our ESPP, eligible employees are able to acquire shares of our common stock by accumulating funds through payroll deductions. Our employees generally are eligible to participate in our ESPP if they are employed by us for at least 20 hours per week and more than five months in a calendar year. Employees who are 5% shareholders, or would become 5% shareholders as a result of their participation in our ESPP, are ineligible to participate in our ESPP. We may impose additional restrictions on eligibility. Our eligible employees are able to select a rate of payroll deduction between 1% and 15% of their compensation. The purchase price for shares of our common stock purchased under our ESPP is 85% of the lesser of the fair market value of our common stock on (i) the first trading day of the applicable offering period or (ii) the last trading day of the purchase period in the applicable offering period. No participant has the right to purchase shares of our common stock in an amount, when aggregated with purchase rights under all of our employee stock purchase plans that are also in effect in the same calendar year(s), that has a cumulative fair market value of more than $25,000 , determined as of the first day of the applicable purchase period, for each calendar year in which that right is outstanding. In addition, no participant is permitted to purchase more than 2,500 shares during any one purchase period or such lesser amount determined by our compensation committee or our board of directors. An employee’s participation automatically ends upon termination of employment for any reason. We initially reserved 2,040,000 shares of our Class A common stock for sale under our ESPP. The aggregate number of shares reserved for sale under our ESPP will increase automatically on February 1 of each of the first 10 calendar years after the first offering date under the ESPP by the number of shares equal to 1% of the total outstanding shares of our Class A common stock and Class B common stock as of the immediately preceding January 31 (rounded to the nearest whole share) or such lesser number of shares as may be determined by our board of directors in any particular year. The aggregate number of shares issued over the term of our ESPP, subject to stock-splits, recapitalizations or similar events, may not exceed 20,400,000 shares of our Class A common stock. As of July 31, 2018, $2.1 million has been withheld on behalf of employees for a future purchase under the ESPP and is recorded in Accrued compensation and related benefits. |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax provision for interim tax periods is generally determined using an estimate of the Company’s annual effective tax rate, excluding jurisdictions for which no tax benefit can be recognized due to valuation allowances, and adjusted for discrete tax items in the period. Each quarter the Company updates its estimate of the annual effective tax rate and makes a cumulative adjustment if the estimated annual tax rate has changed. The Company’s effective tax rate generally differs from the U.S. federal statutory tax rate primarily due to a valuation allowance related to the Company’s U.S. federal and state deferred tax assets and non-deductible share-based compensation. The Company recorded a provision for income taxes of $0.1 million for the three and six months ended July 31, 2018, primarily attributable to income taxes in foreign jurisdictions and state income taxes. The Company did no t record a provision for income taxes for the three or six months ended July 31, 2017. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases The Company has operating lease agreements for office spaces in Bellevue and Boston. The Bellevue lease agreements have various expiration dates through October 2026, and the Boston lease agreements end in July 2025. Rent expense and related operating expenses for leased areas totaled $1.7 million and $1.3 million for the three months ended July 31, 2018 and 2017, respectively, and $3.2 million and $2.2 million for the six months ended July 31, 2018 and 2017, respectively. During the year ended January 31, 2017, the Company entered into a capital lease agreement for data center equipment. The total amount of the lease, including taxes, is $6.0 million . The effective interest rate on the lease is 5.3% , paid over 42 months. During the year ended January 31, 2018, the Company entered into two capital lease agreements for data center equipment, which totaled $3.1 million, including taxes. The effective interest rates on the leases range from 5.0% to 5.1% , each paid over 36 months. During the three months ended July 31, 2018, the Company entered into four capital lease agreements for data center equipment, which totaled $2.6 million , including taxes. The effective interest rates on the leases range from 4.8% to 5.5% , each paid over 36 months . As of July 31, 2018, future minimum annual lease payments (in thousands) related to the lease agreements mentioned above were as follows: Operating Leases Capital Leases Total Remainder of 2019 $ 3,286 $ 1,871 $ 5,157 2020 8,647 4,062 12,709 2021 9,253 1,776 11,029 2022 9,489 463 9,952 2023 9,733 — 9,733 Thereafter 22,903 — 22,903 Total minimum lease payments $ 63,311 $ 8,172 $ 71,483 Less: amount representing maintenance and support costs $ (130 ) Net minimum lease payments 8,042 Less: amount representing interest (441 ) Present value of minimum lease payments $ 7,601 As of July 31, 2018 and January 31, 2018, we had collateralized letters of credit totaling $1.8 million and $2.4 million , respectively, related to the Company’s Bellevue and Boston leases, and $0.5 million and $0.5 million , respectively, related to security deposits for the Company’s leases. The amounts will decrease to $0 over the lease periods. Legal matters From time to time in the normal course of business, the Company may be subject to various legal matters such as threatened or pending claims or proceedings. We are not currently a party to any material legal proceedings or claims, nor are we aware of any pending or threatened litigation or claims that could have a material adverse effect on our business, operating results, cash flows, or financial condition should such litigation or claim be resolved unfavorably. |
Geographic Information
Geographic Information | 6 Months Ended |
Jul. 31, 2018 | |
Segment Reporting [Abstract] | |
Geographic Information | Geographic Information Revenue by geographic location is determined by the location of the Company’s customers. The following table sets forth revenue (in thousands) by geographic area: Three Months Ended July 31, Six Months Ended July 31, 2018 2017 2018 2017 United States $ 31,807 $ 19,550 $ 58,946 $ 35,514 EMEA 5,289 3,520 9,772 6,609 Asia Pacific 3,131 2,141 5,949 4,053 Americas other than the United States 2,157 1,456 4,036 2,727 Total $ 42,384 $ 26,667 $ 78,703 $ 48,903 No individual country other than the United States contributed more than 10% of total revenue during any of the periods presented. Property and equipment by geographic location is based on the location of the legal entity that owns the asset. As of July 31, 2018 and January 31, 2018, there was no significant property and equipment owned by the Company outside of the United States. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jul. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated subsequent events through September 10, 2018. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in th e United States of America (“GAAP”) , and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated balance sheet as of January 31, 2018 was derived from the audited consolidated financial statements as of that date but does not include all of the information and notes required by GAAP for complete financial statements. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended January 31, 2018, included in our final prospectus related to our IPO dated April 27, 2018 (“Prospectus”), filed with the SEC pursuant to Rule 424 (b) under the Securities Act of 1933, as amended, (“the Securities Act”). The condensed consolidated financial statements include the results of Smartsheet Inc. and its wholly owned subsidiaries, which are located in the United States and the United Kingdom. All intercompany balances and transactions have been eliminated upon consolidation. In the opinion of management, the information contained herein reflects all adjustments necessary for a fair presentation of our results of operations, financial position, and cash flows. All such adjustments are of a normal, recurring nature. The results of operations for the three and six months ended July 31, 2018 are not necessarily indicative of results to be expected for the full year ending January 31, 2019 or for any other interim period, or for any future year. |
Use of estimates | Use of estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. The Company bases its estimates on historical experience and on other assumptions that its management believes are reasonable under the circumstances. Actual results could differ from those estimates. The Company’s most significant estimates and judgments involve revenue recognition with respect to the allocation of transaction consideration for the Company’s offerings; determination of the amortization period for capitalized sales commission costs; valuation of the Company’s share-based compensation, including the underlying deemed fair value of common stock (prior to the closing of the IPO); useful lives of property and equipment, including useful lives of internal-use software development costs; calculation of allowance for doubtful accounts; inputs in revaluation of convertible preferred stock warrant (prior to the closing of the IPO); and valuation of deferred income tax assets and uncertain tax positions, among others . |
Segment information | Segment information The Company operates as one operating segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information for purposes of making operating decisions, assessing financial performance, and allocating resources. |
Restricted cash | Restricted cash Restricted cash as of July 31, 2018 consisted of $1.8 million related to collateral for an irrevocable letter of credit (entered into during the six months ended July 31, 2018) for additional office space in Bellevue, and $0.5 million primarily related to security deposits for the Company’s Bellevue and Boston leases. Restricted cash as of January 31, 2018 consisted of $2.4 million related to collateral for irrevocable letters of credit and $0.5 million related to security deposits. The letters of credit that were outstanding as of January 31, 2018 were still in effect as of July 31, 2018; however, the requirement to maintain $2.4 million in cash collateral for those letters of credit was removed during the six months ended July 31, 2018, and the restricted cash balance was reduced by this amount. Cash as reported on the condensed consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and restricted cash as shown on the condensed consolidated balance sheets. |
Deferred offering costs | Deferred offering costs Deferred offering costs of $3.4 million , primarily consisting of legal, accounting, and other fees related to the IPO, were offset against proceeds upon the closing of the IPO on May 1, 2018. |
Convertible preferred stock warrant liability | Convertible preferred stock warrant liability The Company classified its warrant to purchase convertible preferred stock as a liability. The Company adjusted the carrying valu e of the warrant liability to fair value at the end of each reporting period utilizing the Black-Scholes option pricing model . The convertible preferred stock warrant liability was included on the Company’s condensed consolidated balance sheets and its revaluation was recorded as an expense in interest income (expense) and other, net. Upon the closing of the IPO on May 1, 2018, the related warrant liability was reclassified to additional paid-in capital. |
Recently adopted accounting pronouncements | Recently adopted accounting pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016‑09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, (“ASU 2016‑09”) , which simplifies the accounting and reporting of share-based payment transactions, including adjustments to how excess tax benefits and payments for tax withholdings should be classified and provides the election to eliminate the estimate for forfeitures. The Company adopted this ASU effective February 1, 2018. The adoption resulted in the recognition of a U.S. deferred tax asset, which was fully offset by a corresponding increase to the valuation allowance on our U.S. federal and state deferred income tax assets, and therefore did not have a material impact on our condensed consolidated financial statements. The Company did not elect to eliminate the estimate for forfeitures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which aims to reduce the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 requires adoption on a retrospective basis unless it is impracticable to apply, in which case the Company would be required to apply the amendments prospectively as of the earliest date practicable. The Company adopted this ASU effective February 1, 2018. The adoption of this ASU did not have a material effect on the Company’s condensed consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). This guidance is intended to clarify how entities present restricted cash in the statement of cash flows. The guidance requires entities to show the changes in the total of cash, cash equivalents, and restricted cash in the statement of cash flows. When cash, cash equivalents, and restricted cash are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. The reconciliation can be presented either on the face of the statement of cash flows or in the notes to the consolidated financial statements. ASU 2016-18 is effective for fiscal years beginning after December 15, 2018, but early adoption is permitted. The Company early adopted this ASU effective February 1, 2018, retrospectively applying the new guidance to the comparative period presented in our condensed consolidated statements of cash flows. As a result of the adoption of this ASU, because movements to and from cash and restricted cash are no longer shown separately on the condensed consolidated statements of cash flows, the Company’s cash provided from investing activities increased by $0.1 million for the six months ended July 31, 2017. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”) , which simplifies the measurement of goodwill impairment. Under this new guidance, an impairment charge, if triggered, is calculated as the difference between a reporting unit’s carrying value and fair value, but it is limited to the carrying value of goodwill. The guidance is effective prospectively for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and early adoption is permitted. The Company early adopted this guidance effective February 1, 2018 and will apply the new guidance when it evaluates goodwill for impairment during the three months ending October 31, 2018. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”) , which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. The guidance is effective prospectively for interim and annual periods beginning after December 15, 2017 and early adoption is permitted. The Company adopted this guidance effective February 1, 2018. The adoption of this ASU did not have a material effect on the Company’s condensed consolidated financial statements. Recent accounting pronouncements not yet adopted In February 2016, the FASB issued ASU 2016-02, Leases: Topic (842) (“ASU 2016-02”) and has modified the standard thereafter. This standard requires the recognition of a right-of-use asset and lease liability on the balance sheet for all leases. This standard also requires more detailed disclosures to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for interim and annual reporting periods beginning after December 15, 2018 and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, and early adoption is permitted. The Company expects to adopt this guidance on February 1, 2019. The Company anticipates this standard will have a material impact on the Company’s financial position, primarily due to the office space operating leases, as the Company will be required to recognize right-of-use assets and lease liabilities on the balance sheet. The Company continues to assess the potential impacts of this standard, including the impact the adoption of this guidance will have on its results of operations or its cash flows, if any. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other-Internal-Use Software (“ASU 2018-15”) , which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance is effective for interim and annual reporting periods beginning after December 15, 2019, and early adoption is permitted. The Company is currently evaluating the impacts that adoption of this ASU will have on its consolidated financial statements. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash as reported on the condensed consolidated statements of cash flows consists of the following (in thousands): As of July 31, 2018 2017 Cash and cash equivalents $ 211,111 $ 75,509 Restricted cash 2,297 1,979 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows $ 213,408 $ 77,488 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jul. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the calculations for basic and diluted net loss per share (in thousands, except per share data): Three Months Ended July 31, 2018 2017 Numerator: Net loss attributable to common shareholders $ (12,301 ) $ (27,408 ) Denominator: Weighted-average common shares outstanding 102,569 18,013 Net loss per share, basic and diluted $ (0.12 ) $ (1.52 ) Six Months Ended July 31, 2018 2017 Numerator: Net loss attributable to common shareholders $ (26,631 ) $ (34,592 ) Denominator: Weighted-average common shares outstanding 62,464 17,258 Net loss per share, basic and diluted $ (0.43 ) $ (2.00 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following outstanding shares of common stock equivalents (in thousands) as of the periods presented were excluded from the computation of diluted net loss per share attributable to common shareholders for the periods presented because the impact of including them would have been anti-dilutive: July 31, 2018 2017 Convertible preferred shares (as converted) — 68,420 Convertible preferred stock warrant — 137 Shares subject to outstanding common stock awards 15,466 11,934 Shares issuable pursuant to the Employee Stock Purchase Plan 166 — Total potentially dilutive shares 15,632 80,491 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jul. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present information about the Company’s financial assets and liabilities that are measured at fair value and indicates the fair value hierarchy of the valuation inputs used (in thousands) as of: July 31, 2018 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 204,809 $ — $ — $ 204,809 Restricted cash: Certificates of deposit — 1,758 — 1,758 Total assets $ 204,809 $ 1,758 $ — $ 206,567 January 31, 2018 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 55,702 $ — $ — $ 55,702 Liabilities: Convertible preferred stock warrant liability $ — $ — $ 1,272 $ 1,272 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | Changes in fair value of our level 3 financial liabilities were as follows (in thousands): Balance as of January 31, 2018 $ 1,272 Increase in fair value of convertible preferred stock warrant 1,326 Transfer out of Level 3 (2,598 ) Balance as of July 31, 2018 $ — |
Goodwill and Net Intangible A26
Goodwill and Net Intangible Assets (Tables) | 6 Months Ended |
Jul. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following table presents the components of net intangible assets (in thousands) as of: July 31, January 31, 2018 2018 Acquired software technology $ 1,366 $ 1,366 Acquired customer relationships 70 70 Patents 170 170 Domain name 13 13 Total intangible assets 1,619 1,619 Less: accumulated amortization (327 ) (72 ) Total intangible assets, net $ 1,292 $ 1,547 |
Convertible Preferred Stock (Ta
Convertible Preferred Stock (Tables) | 6 Months Ended |
Jul. 31, 2018 | |
Equity [Abstract] | |
Schedule of Convertible Preferred Stock | As of January 31, 2018, convertible preferred stock was as follows: Series Shares Authorized Shares Issued and Outstanding Aggregate Liquidation Preference (in thousands) Carrying Value (in thousands) Liquidation Preference Prices per Share Conversion Price per Share Annual Dividend per Share (if declared) Liquidation Participation Cap per Share A 6,075,000 6,075,000 $ 486 $ 480 $ 0.08 $ 0.08 $ 0.0064 $ 0.16 A-1 500,000 500,000 80 80 0.16 0.16 0.0128 0.32 A-2 2,750,000 2,750,000 550 550 0.20 0.195434 0.016 0.40 A-3 2,000,000 2,000,000 500 500 0.25 0.23685 0.02 0.50 A-4 9,859,270 9,859,270 2,751 2,751 0.279 0.260872 0.0224 0.558 Total Series A 21,184,270 21,184,270 $ 4,367 $ 4,361 B 7,208,430 7,208,430 1,250 1,218 0.173408 0.173408 0.0138 0.346816 C 5,284,990 5,147,720 $ 1,500 $ 1,476 0.29139 0.29139 0.0234 0.58278 C-1 1,531,580 1,531,580 1,000 977 0.65292 0.65292 0.0522 1.30584 Total Series C 6,816,570 6,679,300 $ 2,500 $ 2,453 D 14,780,400 14,780,400 $ 17,500 $ 17,342 1.184 1.184 0.0948 N/A E 11,432,303 11,432,303 $ 35,000 $ 34,886 3.0615 3.0615 0.2449 N/A F 6,334,674 6,334,674 $ 52,600 $ 52,427 $ 8.3035 $ 8.3035 $ 0.66428 N/A Total all series 67,756,647 67,619,377 $ 113,217 $ 112,687 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jul. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation Expense | Share-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended July 31, Six Months Ended July 31, 2018 2017 2018 2017 Cost of subscription revenue $ 84 $ 62 $ 118 $ 71 Cost of professional services revenue 150 20 197 32 Research and development 1,378 5,259 2,043 5,407 Sales and marketing 1,370 772 1,884 970 General and administrative 1,116 9,878 1,698 10,056 Total share-based compensation $ 4,098 $ 15,991 $ 5,940 $ 16,536 Share-based compensation expense related to the 2017 Tender Offer, which is included in the table above, was as follows (in thousands): Three Months Ended July 31, 2017 Cost of subscription revenue $ 53 Cost of professional services revenue 9 Research and development 5,124 Sales and marketing 583 General and administrative 9,701 Total share-based compensation expense $ 15,470 |
Schedule of Stock Option Activity | The following table includes a summary of the option activity during the six months ended July 31, 2018: Options Outstanding Weighted-Average Exercise Price Outstanding at January 31, 2018 13,355,439 $ 2.91 Granted 4,208,170 10.68 Exercised and awarded (2,012,831 ) 1.07 Forfeited or canceled (354,956 ) 6.20 Outstanding at July 31, 2018 15,195,822 5.23 Exercisable at July 31, 2018 5,355,806 2.30 |
Schedule of Restricted Stock Units Award Activity | The following table includes a summary of the RSU activity during the six months ended July 31, 2018: Number of Shares Underlying Outstanding RSUs Weighted-Average Grant-Date Fair Value per RSU Outstanding at January 31, 2018 130,000 $ 9.45 Granted 139,933 20.66 Vested — — Forfeited or canceled — — Outstanding at July 31, 2018 269,933 15.26 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jul. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | As of July 31, 2018, future minimum annual lease payments (in thousands) related to the lease agreements mentioned above were as follows: Operating Leases Capital Leases Total Remainder of 2019 $ 3,286 $ 1,871 $ 5,157 2020 8,647 4,062 12,709 2021 9,253 1,776 11,029 2022 9,489 463 9,952 2023 9,733 — 9,733 Thereafter 22,903 — 22,903 Total minimum lease payments $ 63,311 $ 8,172 $ 71,483 Less: amount representing maintenance and support costs $ (130 ) Net minimum lease payments 8,042 Less: amount representing interest (441 ) Present value of minimum lease payments $ 7,601 |
Schedule of Future Minimum Lease Payments for Capital Leases | As of July 31, 2018, future minimum annual lease payments (in thousands) related to the lease agreements mentioned above were as follows: Operating Leases Capital Leases Total Remainder of 2019 $ 3,286 $ 1,871 $ 5,157 2020 8,647 4,062 12,709 2021 9,253 1,776 11,029 2022 9,489 463 9,952 2023 9,733 — 9,733 Thereafter 22,903 — 22,903 Total minimum lease payments $ 63,311 $ 8,172 $ 71,483 Less: amount representing maintenance and support costs $ (130 ) Net minimum lease payments 8,042 Less: amount representing interest (441 ) Present value of minimum lease payments $ 7,601 |
Geographic Information (Tables)
Geographic Information (Tables) | 6 Months Ended |
Jul. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Geographical Area | Revenue by geographic location is determined by the location of the Company’s customers. The following table sets forth revenue (in thousands) by geographic area: Three Months Ended July 31, Six Months Ended July 31, 2018 2017 2018 2017 United States $ 31,807 $ 19,550 $ 58,946 $ 35,514 EMEA 5,289 3,520 9,772 6,609 Asia Pacific 3,131 2,141 5,949 4,053 Americas other than the United States 2,157 1,456 4,036 2,727 Total $ 42,384 $ 26,667 $ 78,703 $ 48,903 |
Overview and Basis of Present31
Overview and Basis of Presentation (Details) $ / shares in Units, $ in Thousands | May 01, 2018USD ($)$ / sharesshares | Jul. 31, 2018USD ($)shares | Jul. 31, 2017USD ($) | Apr. 30, 2018shares | Jan. 31, 2018shares |
Class of Stock [Line Items] | |||||
Proceeds from initial public offering, net of underwriters' discounts and commissions | $ | $ 163,844 | $ 0 | |||
Preferred stock authorized (in shares) | 10,000,000 | 10,000,000,000 | 0 | ||
Common stock authorized (in shares) | 0 | 107,679,381 | |||
Duration from date of IPO | 7 years | ||||
Percent of stock outstanding (less than) | 15.00% | ||||
Common Class A | |||||
Class of Stock [Line Items] | |||||
Common stock authorized (in shares) | 500,000,000 | 500,000,000 | 112,979,381 | 0 | |
Votes per share (in votes) | 1 | ||||
Number of shares from automatic conversion (in shares) | 1 | ||||
Common Class B | |||||
Class of Stock [Line Items] | |||||
Number of shares issued in conversion (in shares) | 68,500,000 | ||||
Common stock authorized (in shares) | 500,000,000,000 | 112,979,381,000 | 0 | ||
Votes per share (in votes) | 10 | ||||
IPO | Common Class A | |||||
Class of Stock [Line Items] | |||||
Shares issued and sold (in shares) | 11,745,088 | ||||
Offering price (in dollars per share) | $ / shares | $ 15 | ||||
Proceeds from initial public offering, net of underwriters' discounts and commissions | $ | $ 160,400 | ||||
Underwriting discounts and commissions | $ | 12,300 | ||||
Other issuance costs | $ | $ 3,400 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | 6 Months Ended | |||
Jul. 31, 2018USD ($)segment | Jul. 31, 2017USD ($) | May 01, 2018USD ($) | Jan. 31, 2018USD ($) | |
Lessee, Lease, Description [Line Items] | ||||
Number of operating segments | segment | 1 | |||
Deferred offering costs capitalized | $ 3,400 | |||
Investing activity increase | $ (3,063) | $ 5,547 | ||
Bellevue and Boston Leases | ||||
Lessee, Lease, Description [Line Items] | ||||
Security deposits | 500 | $ 500 | ||
Financial Standby Letter of Credit | Bellevue and Boston Leases | ||||
Lessee, Lease, Description [Line Items] | ||||
Irrevocable letters of credit | 1,800 | $ 2,400 | ||
Accounting Standards Update 2016-18 | ||||
Lessee, Lease, Description [Line Items] | ||||
Investing activity increase | $ 100 | |||
Accounts Receivable | Customer Concentration Risk | ||||
Lessee, Lease, Description [Line Items] | ||||
Concentration risk | 11.00% |
Summary of Significant Accoun33
Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jan. 31, 2018 | Jul. 31, 2017 | Jan. 31, 2017 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 211,111 | $ 58,158 | $ 75,509 | |
Restricted cash | 2,297 | 1,979 | ||
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statement of cash flows | $ 213,408 | $ 61,059 | $ 77,488 | $ 24,013 |
Revenue from Contracts with C34
Revenue from Contracts with Customers - Deferred Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | |
Revenue from External Customer [Line Items] | ||||
Deferred revenue current | $ 76.2 | $ 76.2 | ||
Subscription | ||||
Revenue from External Customer [Line Items] | ||||
Revenue recognized included in deferred revenue | 27.8 | $ 17 | 41.2 | $ 23.8 |
Deferred revenue current | 74.5 | 74.5 | ||
Professional services | ||||
Revenue from External Customer [Line Items] | ||||
Revenue recognized included in deferred revenue | 1.3 | $ 0.8 | 1 | $ 0.5 |
Deferred revenue current | $ 1.7 | $ 1.7 |
Revenue from Contracts with C35
Revenue from Contracts with Customers - Revenue Recognition (Details) $ in Millions | Jul. 31, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Deferred revenue future recognition | $ 76.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-08-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Deferred revenue future recognition | $ 76 |
Deferred Commissions (Details)
Deferred Commissions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | Jan. 31, 2018 | |
Revenue Recognition and Deferred Revenue [Abstract] | |||||
Deferred commissions | $ 20,722 | $ 20,722 | $ 15,291 | ||
Amortization of deferred commission costs | $ 2,500 | $ 1,100 | $ 4,452 | $ 1,925 | |
Deferred commissions amortized period | 3 years |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2018 | Apr. 30, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | |
Earnings Per Share [Abstract] | |||||
Net loss | $ (12,301) | $ (22,850) | $ (26,631) | $ (30,034) | |
Numerator: | |||||
Net loss attributable to common shareholders | $ (12,301) | $ (27,408) | $ (26,631) | $ (34,592) | |
Denominator: | |||||
Weighted-average common shares outstanding (in shares) | 102,569 | 102,569 | 18,013 | 62,464 | 17,258 |
Net loss per share, basic and diluted (in dollars per share) | $ (0.12) | $ (1.52) | $ (0.43) | $ (2) |
Net Loss Per Share - Schedule38
Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands | 6 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares | 15,632 | 80,491 |
Total all series | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares | 0 | 68,420 |
Shares subject to outstanding common stock awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares | 15,466 | 11,934 |
Shares issuable pursuant to the ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares | 166 | 0 |
Total all series | Convertible preferred stock warrant | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive shares | 0 | 137 |
Investments (Details)
Investments (Details) - USD ($) | Jul. 31, 2018 | Jan. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale securities | $ 0 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jan. 31, 2018 |
Liabilities: | ||
Convertible preferred stock warrant liability | $ 1,300 | |
Fair Value, Measurements, Recurring | ||
Cash equivalents: | ||
Total assets | $ 206,567 | |
Liabilities: | ||
Convertible preferred stock warrant liability | 1,272 | |
Fair Value, Measurements, Recurring | Level 1 | ||
Cash equivalents: | ||
Total assets | 204,809 | |
Liabilities: | ||
Convertible preferred stock warrant liability | 0 | |
Fair Value, Measurements, Recurring | Level 2 | ||
Cash equivalents: | ||
Total assets | 1,758 | |
Liabilities: | ||
Convertible preferred stock warrant liability | 0 | |
Fair Value, Measurements, Recurring | Level 3 | ||
Cash equivalents: | ||
Total assets | 0 | |
Money market funds | Fair Value, Measurements, Recurring | ||
Cash equivalents: | ||
Money market funds | 204,809 | 55,702 |
Money market funds | Fair Value, Measurements, Recurring | Level 1 | ||
Cash equivalents: | ||
Money market funds | 204,809 | 55,702 |
Money market funds | Fair Value, Measurements, Recurring | Level 2 | ||
Cash equivalents: | ||
Money market funds | 0 | 0 |
Money market funds | Fair Value, Measurements, Recurring | Level 3 | ||
Cash equivalents: | ||
Money market funds | 0 | 0 |
Certificates of deposit | Fair Value, Measurements, Recurring | ||
Cash equivalents: | ||
Money market funds | 1,758 | |
Certificates of deposit | Fair Value, Measurements, Recurring | Level 1 | ||
Cash equivalents: | ||
Money market funds | 0 | |
Certificates of deposit | Fair Value, Measurements, Recurring | Level 2 | ||
Cash equivalents: | ||
Money market funds | 1,758 | |
Certificates of deposit | Fair Value, Measurements, Recurring | Level 3 | ||
Cash equivalents: | ||
Money market funds | $ 0 | |
Warrants Not Settleable in Cash | Fair Value, Measurements, Recurring | Level 3 | ||
Liabilities: | ||
Convertible preferred stock warrant liability | $ 1,272 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Millions | Apr. 30, 2018USD ($) |
Fair Value Disclosures [Abstract] | |
Transfer out of level 3 to level 2 liabilities | $ 2.6 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Jul. 31, 2018 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Transfer out of Level 3 | $ (2,600) | |
Level 3 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value beginning balance | $ 1,272 | |
Increase in fair value of convertible preferred stock warrant | 1,326 | |
Transfer out of Level 3 | (2,598) | |
Fair value ending balance | $ 0 |
Goodwill and Net Intangible A43
Goodwill and Net Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | Dec. 28, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | Jan. 31, 2018 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 532 | $ 532 | $ 445 | |||
Amortization expense | $ 128 | $ 3 | $ 255 | $ 6 | ||
Converse.AI, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Percent of stock acquired | 100.00% | |||||
Goodwill | $ 500 | |||||
Goodwill, Purchase Accounting Adjustments | 100 | |||||
Identifiable intangible assets | $ 1,400 |
Goodwill and Net Intangible A44
Goodwill and Net Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jan. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | $ 1,619 | $ 1,619 |
Less: accumulated amortization | (327) | (72) |
Total intangible assets, net | 1,292 | 1,547 |
Acquired software technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | 1,366 | 1,366 |
Acquired customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | 70 | 70 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | 170 | 170 |
Domain name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | $ 13 | $ 13 |
Convertible Preferred Stock (De
Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2018 | Jan. 31, 2018 | Jul. 31, 2018 | |
Class of Stock [Line Items] | |||
Shares Authorized (in shares) | 67,756,647 | 0 | |
Shares Issued (in shares) | 67,619,377 | 0 | |
Shares Outstanding (in shares) | 67,619,377 | 0 | |
Aggregate Liquidation Preference | $ 113,217 | ||
Carrying Value | $ 112,687 | $ 0 | |
Total all series | |||
Class of Stock [Line Items] | |||
Shares Authorized (in shares) | 67,756,647 | ||
Shares Issued (in shares) | 67,619,377 | ||
Shares Outstanding (in shares) | 67,619,377 | 0 | |
Aggregate Liquidation Preference | $ 113,217 | ||
Carrying Value | $ 112,687 | ||
Total Series A | |||
Class of Stock [Line Items] | |||
Shares Authorized (in shares) | 21,184,270 | ||
Shares Issued (in shares) | 21,184,270 | ||
Shares Outstanding (in shares) | 21,184,270 | ||
Aggregate Liquidation Preference | $ 4,367 | ||
Carrying Value | $ 4,361 | ||
A | |||
Class of Stock [Line Items] | |||
Shares Authorized (in shares) | 6,075,000 | ||
Shares Issued (in shares) | 6,075,000 | ||
Shares Outstanding (in shares) | 6,075,000 | ||
Aggregate Liquidation Preference | $ 486 | ||
Carrying Value | $ 480 | ||
Liquidation Preference Prices per Share (in dollars per share) | $ 0.0800 | ||
Conversion Price per Share (in dollars per share) | 0.0800 | ||
Annual Dividend per Share (if declared) (in dollars per share) | 0.0064 | ||
Liquidation Participation Cap per Share (in dollars per share) | $ 0.16 | ||
A1 | |||
Class of Stock [Line Items] | |||
Shares Authorized (in shares) | 500,000 | ||
Shares Issued (in shares) | 500,000 | ||
Shares Outstanding (in shares) | 500,000 | ||
Aggregate Liquidation Preference | $ 80 | ||
Carrying Value | $ 80 | ||
Liquidation Preference Prices per Share (in dollars per share) | $ 0.1600 | ||
Conversion Price per Share (in dollars per share) | 0.1600 | ||
Annual Dividend per Share (if declared) (in dollars per share) | 0.0128 | ||
Liquidation Participation Cap per Share (in dollars per share) | $ 0.32 | ||
A2 | |||
Class of Stock [Line Items] | |||
Shares Authorized (in shares) | 2,750,000 | ||
Shares Issued (in shares) | 2,750,000 | ||
Shares Outstanding (in shares) | 2,750,000 | ||
Aggregate Liquidation Preference | $ 550 | ||
Carrying Value | $ 550 | ||
Liquidation Preference Prices per Share (in dollars per share) | $ 0.2000 | ||
Conversion Price per Share (in dollars per share) | 0.195434 | ||
Annual Dividend per Share (if declared) (in dollars per share) | 0.0160 | ||
Liquidation Participation Cap per Share (in dollars per share) | $ 0.40 | ||
A3 | |||
Class of Stock [Line Items] | |||
Shares Authorized (in shares) | 2,000,000 | ||
Shares Issued (in shares) | 2,000,000 | ||
Shares Outstanding (in shares) | 2,000,000 | ||
Aggregate Liquidation Preference | $ 500 | ||
Carrying Value | $ 500 | ||
Liquidation Preference Prices per Share (in dollars per share) | $ 0.2500 | ||
Conversion Price per Share (in dollars per share) | 0.23685 | ||
Annual Dividend per Share (if declared) (in dollars per share) | 0.0200 | ||
Liquidation Participation Cap per Share (in dollars per share) | $ 0.50 | ||
A4 | |||
Class of Stock [Line Items] | |||
Shares Authorized (in shares) | 9,859,270 | ||
Shares Issued (in shares) | 9,859,270 | ||
Shares Outstanding (in shares) | 9,859,270 | ||
Aggregate Liquidation Preference | $ 2,751 | ||
Carrying Value | $ 2,751 | ||
Liquidation Preference Prices per Share (in dollars per share) | $ 0.2790 | ||
Conversion Price per Share (in dollars per share) | 0.260872 | ||
Annual Dividend per Share (if declared) (in dollars per share) | 0.0224 | ||
Liquidation Participation Cap per Share (in dollars per share) | $ 0.558 | ||
B | |||
Class of Stock [Line Items] | |||
Shares Authorized (in shares) | 7,208,430 | ||
Shares Issued (in shares) | 7,208,430 | ||
Shares Outstanding (in shares) | 7,208,430 | ||
Aggregate Liquidation Preference | $ 1,250 | ||
Carrying Value | $ 1,218 | ||
Liquidation Preference Prices per Share (in dollars per share) | $ 0.173408 | ||
Conversion Price per Share (in dollars per share) | 0.173408 | ||
Annual Dividend per Share (if declared) (in dollars per share) | 0.0138 | ||
Liquidation Participation Cap per Share (in dollars per share) | $ 0.346816 | ||
Total Series C | |||
Class of Stock [Line Items] | |||
Shares Authorized (in shares) | 6,816,570 | ||
Shares Issued (in shares) | 6,679,300 | ||
Shares Outstanding (in shares) | 6,679,300 | ||
Aggregate Liquidation Preference | $ 2,500 | ||
Carrying Value | $ 2,453 | ||
C | |||
Class of Stock [Line Items] | |||
Shares Authorized (in shares) | 5,284,990 | ||
Shares Issued (in shares) | 5,147,720 | ||
Shares Outstanding (in shares) | 5,147,720 | ||
Aggregate Liquidation Preference | $ 1,500 | ||
Carrying Value | $ 1,476 | ||
Liquidation Preference Prices per Share (in dollars per share) | $ 0.29139 | ||
Conversion Price per Share (in dollars per share) | 0.29139 | ||
Annual Dividend per Share (if declared) (in dollars per share) | 0.0234 | ||
Liquidation Participation Cap per Share (in dollars per share) | $ 0.58278 | ||
C1 | |||
Class of Stock [Line Items] | |||
Shares Authorized (in shares) | 1,531,580 | ||
Shares Issued (in shares) | 1,531,580 | ||
Shares Outstanding (in shares) | 1,531,580 | ||
Aggregate Liquidation Preference | $ 1,000 | ||
Carrying Value | $ 977 | ||
Liquidation Preference Prices per Share (in dollars per share) | $ 0.65292 | ||
Conversion Price per Share (in dollars per share) | 0.65292 | ||
Annual Dividend per Share (if declared) (in dollars per share) | 0.0522 | ||
Liquidation Participation Cap per Share (in dollars per share) | $ 1.30584 | ||
D | |||
Class of Stock [Line Items] | |||
Shares Authorized (in shares) | 14,780,400 | ||
Shares Issued (in shares) | 14,780,400 | ||
Shares Outstanding (in shares) | 14,780,400 | ||
Aggregate Liquidation Preference | $ 17,500 | ||
Carrying Value | $ 17,342 | ||
Liquidation Preference Prices per Share (in dollars per share) | $ 1.1840 | ||
Conversion Price per Share (in dollars per share) | 1.184 | ||
Annual Dividend per Share (if declared) (in dollars per share) | $ 0.0948 | ||
E | |||
Class of Stock [Line Items] | |||
Shares Authorized (in shares) | 11,432,303 | ||
Shares Issued (in shares) | 11,432,303 | ||
Shares Outstanding (in shares) | 11,432,303 | ||
Aggregate Liquidation Preference | $ 35,000 | ||
Carrying Value | $ 34,886 | ||
Liquidation Preference Prices per Share (in dollars per share) | $ 3.0615 | ||
Conversion Price per Share (in dollars per share) | 3.0615 | ||
Annual Dividend per Share (if declared) (in dollars per share) | $ 0.2449 | ||
F | |||
Class of Stock [Line Items] | |||
Shares Authorized (in shares) | 6,334,674 | ||
Shares Issued (in shares) | 6,334,674 | ||
Shares Outstanding (in shares) | 6,334,674 | ||
Aggregate Liquidation Preference | $ 52,600 | ||
Carrying Value | $ 52,427 | ||
Liquidation Preference Prices per Share (in dollars per share) | $ 8.3035 | ||
Conversion Price per Share (in dollars per share) | 8.3035 | ||
Annual Dividend per Share (if declared) (in dollars per share) | $ 0.66428 | ||
Common Class B | |||
Class of Stock [Line Items] | |||
Shares converted (in shares) | 68,500,000 |
Convertible Preferred Stock W46
Convertible Preferred Stock Warrant (Details) - USD ($) $ / shares in Units, $ in Millions | May 01, 2018 | Apr. 30, 2018 | Dec. 31, 2011 | Jan. 31, 2018 |
Class of Stock [Line Items] | ||||
Shares purchased with warrant (in shares) | 137,270 | |||
Warrant term | 10 years | |||
Exercise price (in dollars per share) | $ 0.29139 | |||
Warrant fair value | $ 1.3 | |||
Warrant fair value after remeasurement | $ 2.6 | |||
Interest income from charge on warrant remeasurement | $ 1.3 | |||
Shares surrendered (in shares) | 2,667 | |||
Series C | ||||
Class of Stock [Line Items] | ||||
Shares offered (in shares) | 134,603 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation | $ 4,098 | $ 15,991 | $ 5,940 | $ 16,536 |
Cost of subscription revenue | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation | 84 | 62 | 118 | 71 |
Cost of professional services revenue | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation | 150 | 20 | 197 | 32 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation | 1,378 | 5,259 | 2,043 | 5,407 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation | 1,370 | 772 | 1,884 | 970 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation | $ 1,116 | 9,878 | $ 1,698 | $ 10,056 |
2017 Tender Offer | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation | 15,470 | |||
2017 Tender Offer | Cost of subscription revenue | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation | 53 | |||
2017 Tender Offer | Cost of professional services revenue | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation | 9 | |||
2017 Tender Offer | Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation | 5,124 | |||
2017 Tender Offer | Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation | 583 | |||
2017 Tender Offer | General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation | $ 9,701 |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Options (Details) - Stock Option | 6 Months Ended |
Jul. 31, 2018$ / sharesshares | |
Options Outstanding | |
Outstanding beginning balance (in shares) | shares | 13,355,439 |
Granted (in shares) | shares | 4,208,170 |
Exercised and awarded (in shares) | shares | (2,012,831) |
Forfeited or canceled (in shares) | shares | (354,956) |
Outstanding ending balance (in shares) | shares | 15,195,822 |
Exercisable (in shares) | shares | 5,355,806 |
Weighted-Average Exercise Price | |
Outstanding beginning balance (in dollars per share) | $ / shares | $ 2.91 |
Granted (in dollars per share) | $ / shares | 10.68 |
Exercised and awarded (in dollars per share) | $ / shares | 1.07 |
Forfeited or canceled (in dollars per share) | $ / shares | 6.20 |
Outstanding ending balance (in dollars per share) | $ / shares | 5.23 |
Exercisable at April 30, 2018 (in dollars per share) | $ / shares | $ 2.30 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock Units (Details) - RSUs | 6 Months Ended |
Jul. 31, 2018$ / sharesshares | |
Number of Shares Underlying Outstanding RSUs | |
Outstanding beginning balance (in shares) | 130,000 |
Granted (in shares) | 139,933 |
Vested (in shares) | 0 |
Forfeited or canceled (in shares) | 0 |
Outstanding ending balance (in shares) | 269,933 |
Weighted-Average Grant-Date Fair Value per RSU | |
Outstanding beginning balance (in dollars per share) | $ / shares | $ 9.45 |
Granted (in dollars per share) | $ / shares | 20.66 |
Outstanding ending balance (in dollars per share) | $ / shares | $ 15.26 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2018USD ($)shares | Jul. 31, 2017USD ($)shares | Jul. 31, 2018USD ($)hourshares | Jul. 31, 2017USD ($) | Jan. 31, 2018shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Deemed dividend | $ 0 | $ (4,558,000) | $ 0 | $ (4,558,000) | |
Share-based compensation | $ 4,098,000 | $ 15,991,000 | $ 5,940,000 | $ 16,536,000 | |
2015 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for issuance (in shares) | shares | 0 | 0 | 296,178 | ||
2018 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for issuance (in shares) | shares | 7,611,804 | 7,611,804 | 0 | ||
2018 Employee Stock Purchase Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Minimum number of hours per week to be eligible | hour | 20 | ||||
Minimum months in a calendar year to be eligible | 5 months | ||||
Stockholder percent ownership | 5.00% | ||||
Purchase price percent | 85.00% | ||||
Maximum fair market value allowed to be purchased by a participant in a calendar year | $ 25,000 | $ 25,000 | |||
Maximum number of shares allowed to be purchased by a participant in any purchase period | shares | 2,500 | 2,500 | |||
Share-based compensation | $ 2,100,000 | ||||
2018 Employee Stock Purchase Plan | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allowable payroll deduction as a percent of base cash compensation | 1.00% | ||||
2018 Employee Stock Purchase Plan | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allowable payroll deduction as a percent of base cash compensation | 15.00% | ||||
Common Class A | 2018 Employee Stock Purchase Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares initially reserved (in shares) | shares | 2,040,000 | 2,040,000 | |||
Period in which shares authorized increase | 10 years | ||||
Maximum number of shares authorized (in shares) | shares | 20,400,000 | 20,400,000 | |||
Common Class A and B | 2018 Employee Stock Purchase Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percent of shares outstanding | 1.00% | ||||
Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Expiration period | 10 years | ||||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Expiration period | 10 years | ||||
2017 Tender Offer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued and sold (in shares) | shares | 6,477,843 | ||||
Total purchase price | $ 55,000,000 | ||||
Deemed dividend | 4,600,000 | ||||
Share-based compensation | $ 15,470,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 88,000 | $ 0 | $ 88,000 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2018USD ($)capital_lease | Jul. 31, 2017USD ($) | Jul. 31, 2018USD ($) | Jul. 31, 2017USD ($) | Jan. 31, 2018USD ($)capital_lease | Jan. 31, 2017USD ($) | |
Lessee, Lease, Description [Line Items] | ||||||
Rent expense and related expenses | $ 1,700,000 | $ 1,300,000 | $ 3,200,000 | $ 2,200,000 | ||
Lease amount | $ 8,172,000 | 8,172,000 | ||||
Number of additional leases | capital_lease | 4 | 2 | ||||
Irrevocable letters of credit and security deposits at end of lease | $ 0 | 0 | ||||
Data Center Equipment | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Lease amount | $ 2,600,000 | 2,600,000 | $ 3,100,000 | $ 6,000,000 | ||
Interest rate | 5.30% | |||||
Lease term | 36 months | 36 months | 42 months | |||
Minimum | Data Center Equipment | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Interest rate | 4.80% | 5.00% | ||||
Maximum | Data Center Equipment | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Interest rate | 5.50% | 5.10% | ||||
Bellevue and Boston Leases | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Security deposits | $ 500,000 | 500,000 | $ 500,000 | |||
Bellevue and Boston Leases | Financial Standby Letter of Credit | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Irrevocable letters of credit | $ 1,800,000 | $ 1,800,000 | $ 2,400,000 |
Commitments and Contingencies53
Commitments and Contingencies - Schedule of Future Payments for Operating and Capital Leases (Details) $ in Thousands | Jul. 31, 2018USD ($) |
Operating Leases | |
Remainder of 2019 | $ 3,286 |
2,020 | 8,647 |
2,021 | 9,253 |
2,022 | 9,489 |
2,023 | 9,733 |
Thereafter | 22,903 |
Total minimum lease payments | 63,311 |
Capital Leases | |
Remainder of 2019 | 1,871 |
2,020 | 4,062 |
2,021 | 1,776 |
2,022 | 463 |
2,023 | 0 |
Thereafter | 0 |
Total minimum lease payments | 8,172 |
Less: amount representing maintenance and support costs | (130) |
Net minimum lease payments | 8,042 |
Less: amount representing interest | (441) |
Present value of minimum lease payments | 7,601 |
Total | |
Remainder of 2019 | 5,157 |
2,020 | 12,709 |
2,021 | 11,029 |
2,022 | 9,952 |
2,023 | 9,733 |
Thereafter | 22,903 |
Total minimum lease payments | $ 71,483 |
Geographic Information (Details
Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 42,384 | $ 26,667 | $ 78,703 | $ 48,903 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 31,807 | 19,550 | 58,946 | 35,514 |
EMEA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 5,289 | 3,520 | 9,772 | 6,609 |
Asia Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 3,131 | 2,141 | 5,949 | 4,053 |
Americas other than the United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 2,157 | $ 1,456 | $ 4,036 | $ 2,727 |